LLPH is urging all members of the House to vote YES on the conservative amendments to reform the Export-Import Bank. While we continue to stand in strong support of ending the Export-Import Bank, we do support amendments to reduce the pain that it causes on the taxpayers. If Ex-Im should continue, it cannot continue under the status quo.
As such, we urge a YES vote on the following amendments to H.R. 22, the DRIVE Act which is the vehicle that the highway bill and the reauthorization of Ex-Im are being included in:
1. Perry (PA), Mulvaney (SC) #28 Increases by 5% each fiscal year for four years, the percent amount that Ex/Im should make available for small businesses. If they do not comply, they are barred for issuing any loans over $100,000,000.
2. Mulvaney (SC) #55 Limits Export-Import Bank authorizations to countervailing purposes in order to meet competition from foreign export credit agencies.
3. Mulvaney (SC) #56 Requires Export-Import Bank authorizations above $10 million to be contingent on at least two denials of similar assistance from the private sector. Stipulates penalties for making false claims when seeking Bank assistance.
4. Mulvaney (SC) #60 Prohibits Export-Import Bank authorizations involving countries with a sovereign wealth fund of over $100 billion.
5. Mulvaney (SC) #64 Reduces taxpayer exposure by removing Treasury guarantees for losses at the Export-Import Bank and removes borrowing authority from the Treasury.
6. Mulvaney (SC) #65 Limits taxpayer exposure by ensuring diversification of industries and companies at the Export-Import Bank.
7. Rothfus (PA) #8 Prohibits the Export Import Bank from providing a guarantee or extending credit to a foreign borrower in connection with the export of goods or services by a U.S. company unless the U.S. company guarantees repayment of, and pledges collateral in an amount sufficient to cover, a percentage of the amount provided by the Bank and makes that guarantee senior to any other obligation. The amendment provides an exception to this requirement for small businesses.
9. Schweikert (AZ) #16 Adds Fair Value Accounting Principles to the EX-IM provision of the underlying bill.
If a significant number of these amendments are not included, LLPH will oppose final passage of H.R. 22, the DRIVE Act. Not only does the DRIVE Act present problems by providing a $325 billion bailout of the Highway Trust Fund, but including an unrelated item like the Export-Import Bank without any reforms makes this bill completely unacceptable and nothing more than a giveaway for the special interests, violating one of LLPH’s five key principles:LLPH’s six key principles: 1) Defend the Sanctity of Human Life. 2) Defend Liberty by Honoring the Entire Constitution. 3) Use the Power of the Purse to Cut Spending. 4) Return Education to the States. 5) Stop the Special Interests Give-Aways and Corporate Welfare. 6) Promote Energy Independence in America.
LLPH may include any of these votes in our congressional scorecard.
UPDATE: Additional Key Vote: YES on DeSantis (FL) #180: Empowers States with authority for most taxing and spending for highway programs and mass transit programs, and for other purposes.
This is the type of conservative reform that we need for transportation issues.